Hi,
Gift of a property by Grand mother to Grand Daughter
Grand mother has purchased a house out of own funds in 2005 and gifts the property in 2009 to her Grand daughter through a registed Gift Deed. No consideration was paid for this transactions.
The property was let out for Rs.30K per month, i would like to know whether this trasaction attracts clubbing provisions, who should declare the rental income received from the let out property. Please advice
CAclubindia
